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Springport, Indiana: Rising Home Values and High Ownership Rates in a Small Town
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Springport, Indiana is a small town located in Henry County. With a population of 1,236 in 2022 and an area of just 0.12 square miles, it boasts an exceptionally high population density of 10,274 people per square mile. Over the past decade, Springport has experienced fluctuations in homeownership rates and significant increases in both average home prices and average rent prices.
The homeownership rate in Springport has seen a gradual decline from 2013 to 2022. In 2013, 97% of residents owned their homes, while by 2022, this figure had decreased to 91%. Despite this slight decline in homeownership, average home prices have shown a consistent upward trend. In 2010, the average home price was $110,104, and by 2022, it had nearly doubled to $219,347. This represents a substantial increase of 99% over 12 years, indicating a robust appreciation in property values despite the minor decrease in homeownership rates.
Federal interest rates have played a role in shaping homeownership trends in Springport. From 2010 to 2021, interest rates remained historically low, hovering between 0.08% and 2.16%. This period of low interest rates coincided with relatively high homeownership rates in Springport, ranging from 91% to 99%. However, as interest rates began to rise more sharply in 2022 to 1.68%, we observed a slight dip in homeownership to 91%, suggesting a potential correlation between rising interest rates and decreased homeownership.
The rental market in Springport has shown interesting trends as well. The percentage of renters increased from 3% in 2013 to 9% in 2022. Concurrently, average rent prices experienced significant growth. In 2013, the average rent was $374 per month, which remained stable until 2017. However, from 2018 onwards, there was a sharp increase in average rent prices. By 2022, the average rent had risen to $774, representing a substantial 107% increase from 2013 levels. This surge in rental prices coincided with the gradual increase in the renter population, potentially reflecting growing demand for rental properties in the area.
In 2023 and 2024, Springport's housing market continued to evolve. The average home price in 2023 reached $226,950, a 3.5% increase from 2022. In 2024, it further rose to $235,980, showing a 4% year-over-year growth. Simultaneously, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the town.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and average rent prices over the next five years. Average home prices are expected to maintain a steady upward trajectory, potentially reaching around $280,000 by 2029. Average rent prices are likely to follow a similar pattern, possibly exceeding $1,000 per month within the same timeframe. However, these projections may be influenced by various factors including economic conditions, local development, and broader housing market trends.
In summary, Springport has experienced a slight decrease in homeownership rates over the past decade, coupled with substantial increases in both average home prices and average rent prices. The town's compact size and growing population density have likely contributed to the rising property values. As interest rates continue to fluctuate, they may further impact homeownership trends in this small Indiana town. The rental market has seen significant growth, both in terms of the renter population and average rent prices, indicating a shifting dynamic in Springport's housing landscape.
